Reports indicate that the Bank of Ghana (BoG) has reduced the proportion of gold held in its international reserves by 51% (18.6 tonnes).
The bank stated that this decision was a consequence of the disproportionately high representation of gold within its international reserves, and a shift towards accumulating more foreign-currency assets.
Prior to this adjustment, gold constituted 40% of the West African nation’s reserves, significantly exceeding the conventional average range of 20% to 25%.
“At the time, we were holding a little over 40 per cent, so the decision was made to diversify, and that is what you see,” he said at the 128th Monetary Policy Committee press briefing in Accra,” Dr. Johnson P. Asiama, the Governor of the bank, stated.
According to Dr. Asiama, the move has increased rather than diminished the reserve owing to the fact that the central bank sold a portion of its gold holdings and reinvested the proceeds in foreign assets that generate income.
“The effects that were aimed at are there. It is earning dividends and contributing to reserve accumulation,” he added.
The decrease in its gold ownership is coming at a time when a surge in global prices reached record-levels, with spot prices surpassing $5,200 per ounce in late January.
The governor nevertheless decided to issue a warning that gold’s rally might not last, as seen on Graphic.
“It is true gold prices have risen to record levels,” he said, adding that “what you see now may be more transitory and may not be permanent.”
Ghana’s gold-driven economic surge
Ghana’s inflation and currency, the Cedi, achieved some of the best performances in the world in 2025, powered by increasing gold prices and restrained government spending.
The Ghanaian cedi rose substantially, gaining 40-41% against the US dollar over the year, reversing a long period of loss and making it one of the world’s best-performing currencies.
In January 2025, the Ghanaian cedi was trading about GH¢15.0-15.3 to $1, reflecting prior years’ depreciation.
By late December 2025, the cedi had greatly gained, completing the year at roughly GH¢10.4-10.9 per $1 on the interbank market.
Additionally, inflation fell sharply, from over 23.5% in January 2025 to just 5.4% in December 2025, the lowest level since 2021.
The quick recovery of the cedi was greatly aided by rising gold prices, which also enhanced foreign exchange inflows, improved reserve buffers, and increased export revenues.
